Students increasingly using smartphones and tablets for study purposes is the primary factor driving the growth of the m-learning market. However, to include m-learning as a part of the curriculum learning process, educational institutions must have a strong ICT infrastructure. For this, these establishments need to invest heavily in installing software and enhancing server capabilities. As a result, their overall operational expenditure will increase. We expect the high cost of m-learning infrastructure to be an impediment to market growth, especially for educational institutions facing budgetary constraints.

新三板教育行业挂牌、定增和交易回顾。A股、美港股教育公司交易回顾。

The popularity of the bring-your-own-device (BYOD) policy has led to a surge in demand for smartphones and tablets in the education market. This development has facilitated the emergence of many vendors that are focused on developing textto-speech technology for such devices so that the application of this software surges. As a result, the increase in usage of smartphones by students for online education is directly relating to the growth of the text-to-speech technology market.Open-source platforms and limitations of infrastructure in educational institutions are the major challenges faced by vendors in the market. However, as this software can be deployed using cloud-based technology, it should offset the open educational resources (OER) challenge to a large extent.

The advanced education system has led to an interactive curriculum, enhanced teaching delivery, and effective learning models. Creativity and innovative thinking among students have become a mandate to sustain in the current dynamic competitive environment. Educational institutions worldwide are also incorporating international learning models and standards to improve the quality of education.Digital classroom vendors have been continuously developing and improving the education system with devices, such as interactive displays, tablets, adaptive devices, and various other types of software used for imparting digital interactive

content used for educational purposes.The technological landscape pertaining to smart education software solutions is changing dynamically. These solutions are highly compatible as they can be easily installed either through cloud or on local servers of schools. It facilitates virtual campuses, therefore, making it easy for any school, which is ushering into online education. Moreover, these software modules can be accessed and used via tablets and mobile devices. However, the only significant drawback, which can suppress this market growth, is the lack of skilled resources to execute these activities in schools and colleges.

本报告将“少儿”的年龄段限定在12岁以下。初中阶段学生的心智能力更为成熟，而高中阶段更多强调应试教育；相较而言，12岁以下的孩子有其特殊的学习特点和需求，面向这一群体的英语学习产品也有其独特的风格与特色。另外，本报告所阐述的在线少儿英语产品要求产品本身提供系统的学习功能，而非工具型产品。不特定面向12岁以下儿童的英语学习产品也不在本报告的研究范围之内。

对比中美教育公司收入、市值和PE可见（1）教育企业做大规模，是有路径和机会的；（2）中概股及美股教育公司，成长较好，领先优势较清晰；（3）A股上市公司正处于投资并购+平台支持阶段，收入和利润体量尚小，未来发展空间较大。

The need to automate the management of day-to-day information related to students is driving educational institutions to implement student information systems (SISs). Students use these systems for daily tasks such as registering for courses and classes, viewing their grades, and accessing transcripts. Faculty uses these systems to view their teaching schedules, submit final grades, and access academic information related to students. Administrators use SIS to automate various manual processes such as data entry. Educational institutions can enhance their strategic initiatives by using data drawn from built-in analytics of SIS. Key vendors in the global SIS market for higher education, such Jenzabar,Ellucian, Unit4, and Oracle, are working with educational institutions to improve their product offerings. Some of the prominent M&A include Unit4 acquisition of Three Rivers Systems to strengthen its presence in the global SIS market for higher education. Similarly, Jenzabar acquired RJM Systems in 2015. Following the acquisition, Jenzabar invested in RJM's SONISWEB SIS, a web-based SIS, to attract a larger consumer base. Vendors such as Workday that typically offer enterprise solutions have also entered the market to capitalize on the demand for software solutions in higher educational institutions.

本期广证恒生新三板教育指数上涨 1.71%，领先三板成分指数 1.8 个百分点，领先三板做市指数 0.31 个百分点。教育板块 34 家发生交易的公司中有 19 家上涨。本期新增成功之道、和索信息、麦腾股份、三一学院、校外宝、漫界文化 6 家挂牌企业。

It refers to the continual process of learning followed by computer systems to enhance their knowledge about the subject while improving their performance. The learning occurs as a result of extensive amount of data collection, storage, and analysis done by the system without the help of any specifically programmed instructions. In this technique, the analysis includes identifying various patterns and trends in data obtained and then using it to make future course of actions. Machine learning is strengthening the grading and assessment models, enabling better data mining and analysis of volumes of data sets. It is also improving content analytics and learning analytics at an institutional level.>

Institutions are increasingly adopting e-learning tools to transform their teaching and learning delivery methods, with the continuous evolution of learning technology. The incorporation of e-learning technology in educational institutions has helped them follow global standards and update their digital infrastructure regularly with the latest developments. Various useful innovative features, such as student assessment, adaptive learning, flip classroom, and gamification, are often being integrated into the pedagogy system. All these tools automate the day-to-day processes, such as tracking grades and scores, keeping records of attendance, and maintaining information on student demographics.